concur jennie....strange truth is china's more capitalist than america now...banking systems, worldwide, need root and branch reform...bring back glass-steagall principles...
firewall commercial and investment banks...
commercial banks subject to tight regulation, backed by govt. guarantees on deposits only deal in property and small business loans to those who can put 20% skin in the game
investment banks, lightly regulated, deal in everything else with NO guarantee from govts(ie taxpayers)..all players must understand principle of "caveat emptor"...no investment bank is too big to fail...those who choose to deal OTC must understand they are on their own...ban credit default swaps...nobody should be able to take out insurance on something they don't own
